Option Strategies for Directionless Markets by Anthony Saliba

Anthony J. Saliba is a recognized pioneer in the options industry where he has been an active participant for over twenty-five years. His professional activities include trading, training, and developing electronic trading systems and solutions. He began his career trading equity options as an independent market maker at the Chicago Board Options Exchange in 1979. Over the next decade, he gained extensive experience in the trading of currencies, equities, and S&P 500 and S&P 100 contracts. In each of these markets, Saliba emerged as both a dominant and respected presence and quickly acquired a reputation as one of the top traders. His trading accomplishments, most notably his success during the crash of ’87, earned him a place in the national bestseller, Market Wizards.
Because of his innovative trading ideas, Mr. Saliba has become an internationally recognized consultant on the emergence and function of electronic markets and trading systems. He is the founder of International Trading Institute, Ltd. (ITI), which has trained thousands of traders worldwide. He is a member of several financial exchanges and has served on the Board of Directors of the CBOE. This is his second book on options.

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Joseph C. Corona has been actively involved in trading options for more than twenty-five years. During this time he traded on the floor of Chicago Board Options Exchange, the Chicago Board of Trade, the Chicago Mercantile Exchange, and the London International Financial Futures and Options Exchange. Over the course of his career he has traded equity, equity index, fixed income, currency, energy, and commodities options both as a market maker and proprietary trader. Since 1990, he has been an adjunct instructor at ITI, delivering courses in advanced options trading and risk analysis techniques to hundreds of traders and trading desks worldwide.
Karen E. Johnson is the COO of Saliba Portfolio Management and serves on the Board of Directors of ITI.Over the past fifteen years she has worked with global financial institutions to develop curricula and training programs for established and emerging markets.

Excerpt from Chapter 9,  “An Interview with Anthony J. Saliba”: Tony Saliba is known as one of the pioneers of the optionsindustry, as well as one of the first to actively trade the butterflystrategy. His insights on the markets and the evolutionof the butterfly spread will be of interest to traders everywhere.

Q&A

It would be interesting and instructive to look back on how market making in general and specific strategies such as the butterfly in particular haveevolved.

I began trading options in the late seventies when computers, pricingmodels, etc., were practically unknown. They were definitely unknown to